Fury Gold Mines Ltd 6-K, filed Jan 25, 2021
Fury Gold Mines Ltd (FURY)
6-K
2021-01-25
For: 2021-01-25
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Added on
April 10, 2026
About this 6-K
Fury Gold Mines Ltd filed this 6-K on January 25, 2021.
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of January
2021
Commission
File No. 001-38145
Fury Gold Mines Limited
(Translation
of registrant’s name into English)
34 King Street East Suite 601, Toronto, M5C 2X8
Canada
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F
Form
20-F [ ] Form
40-F [X]
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1) [
]
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7) [
]
SUBMITTED HEREWITH
Exhibits
99.1 Press
release dated January 25, 2021 Fury Intersects Gold Bearing
Structure 660 Metres Down Plunge at Eau Claire; Moves Second Drill
to Exploration Program
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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Fury Gold Mines Limited
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Date: January 25, 2021
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By:
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/s/ Lynsey
Sherry
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Lynsey Sherry
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Chief Financial Officer
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Exhibit 99.1
Fury Intersects Gold Bearing Structure 660 Metres Down Plunge at
Eau Claire; Moves Second Drill to
Exploration Program
Vancouver & Toronto, Canada –January 25, 2021
– Fury Gold Mines
Limited (TSX: FURY, NYSE American: FURY) (“Fury” or the
“Company”) is pleased to announce results from
its first exploration drill hole (B1 (20EC-006)) targeting a
660-metre (m) extension from the known resource at the Eau Claire
deposit located in the Eeyou Istchee Territory in the James Bay
region of Quebec (Figure 1). The drill hole intercepted 3m of 2.59
g/t gold within a broader interval of 8m of 1.21 g/t gold at a
drill depth of 643m to 651m (Table 1). Importantly, the gold
mineralization encountered was associated with quartz-tourmaline
veining and amphibole alteration, which is consistent with
mineralization within the defined resource at the Eau Claire
deposit (Figure 2).
“We
are very pleased to have hit gold mineralization in our first
significant step-out as it provides an exciting indication that we
could see strong resource growth at Eau Claire,” commented
Mike Timmins, President and CEO of Fury. “The market has
waited a long time for this hole to be drilled and it is an example
of one of the many ways the team at Fury intends to identify and
deliver growth across the platform.”
Result Significance and Next Steps
The
gold mineralization encountered in drill hole B1 is believed to
represent a significant extension of the Eau Claire deposit, 660m
down plunge, based on stratigraphic position and the style of
mineralization and alteration encountered. The interval of 3m of
2.59 g/t gold is above Eau Claire’s cut-off grade1, which was used in the 2018 resource and
Preliminary Economic Assessment2 and demonstrates that the down plunge
extension to the deposit has the potential to substantially expand
the resource.
Fury
plans to move a second drill to the exploration program to test
target areas A and C (Figures 1 and 3) in addition to continuing
drilling at target area B. This will allow the Company to
aggressively pursue high-grade mineralization within the target
areas.
“The
results from hole B1 indicate that the deposit can extend
significantly down plunge. Our plan to move a second rig onto the
exploration phase of the drill program is based on our increased
confidence in our targeting as we look to rapidly define the
ultimate size potential of the Eau Claire deposit,” commented
Michael Henrichsen, SVP, Exploration of Fury.
Figure 1: Illustrates the position of the 660m down plunge step out
drill hole B1 (20EC-006) at the Eau Claire deposit. The pierce
point of hole B1 is at the uppermost region of the projected plunge
of the deposit. Drill hole B2 is in progress and is currently
approaching target depth.
Table 1: B1 (20EC-006) Significant Intercepts.
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Hole
ID
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From
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To
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Length
(m)
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Au
(g/t)
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20EC-006
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643
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651
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8
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1.21
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648
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651
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3
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2.59
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835
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839
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4
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0.32
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Main intervals - no less than 2m of >= 0.25 g/t Au, maximum
consecutive dilution 2m; Sub-intervals - no less than 1m of >= 1
g/t Au, maximum consecutive dilution 2m
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Analytical
samples were taken by sawing NQ diameter core into equal halves on
site and sent one of the halves to Actlabs in Val d’Or, QC
for preparation and then to Actlabs in Thunder Bay, ON for
analysis. All samples are assayed using 50 g nominal weight fire
assay with atomic absorption finish (1A2B-50) and multi-element
four acid digest ICP-AES/ICP-MS method (1F2). Where 1A2B-50 results
were greater than 5 ppm Au the assay were repeated with 50 g
nominal weight fire assay with gravimetric finish (1A3-50). QA/QC
programs using internal standard samples, field and lab duplicates
and blanks indicate good.
Figure 2: Illustrates the comparison of mineralization intersected
in drill hole B1 (20EC-006) to typical mineralization from the 450
zone in the Eau Claire deposit.
Exploration Rationale for Down Plunge Targets
The
exploration drilling program has moved from proof of concept to the
process of identifying and characterizing high-grade plunging zones
of mineralization. Targets A, B and C were defined, in part due to
periodicity of high-grade shoots observed within the Eau Claire
deposit, occurring at approximately 500m intervals (Figures 1 and
3). Target rationale moving forward is presented
below:
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Target A is
situated 100m to 300m down plunge from the limit of the current
resource, which is defined by a subset of 200,000 ounces of 12 g/t
gold (Figure 4). This target has the potential to duplicate the
high-grade nature observed in the eastern portion of the defined
resource and is supported by historical drilling 200m vertically
above of 1m of 12.6 g/t, 2.5m of 4.4 g/t, and 2.5m of 3.9g/t gold
respectively in an area interpreted to be above the overall plunge
of the deposit.
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Target B is
situated 500m to 700m down plunge from the limit of the current
resource. The intersection of drill hole B1 is interpreted to have
intersected the upper margin of the plunge of the Eau Claire
deposit (Figures 1 and 3); a subsequent test (B2), 200m vertically
beneath the B1 hole is currently underway and is approaching target
depth of 800m to 900m. Drill hole B2 will intersect the middle of
the target area where the potential for higher grade mineralization
is expected based on the distribution of high grade within the Eau
Claire deposit.
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Target C is
situated 800m to 1,000m down plunge from the limit of the current
resource. The planned drill array represents a 700m to 900m down
dip extension from the historical drilling above the target area.
This target is believed to be at the intersection of the Eau Claire
and Snake Lake structures, both of which are characterized by
high-grade mineralization (Figure 5).
Figure 3: Illustrates the drill arrays for targets A, B, and C on
the 1 km down plunge extension of the Eau Claire deposit. Target C
is designed to test the structural intersection between the
high-grade Eau Claire and Snake Lake structures.
Figure 4: Illustrates the position of the Target A drill holes that
will test the down plunge extension of 200,000 oz. at 12g/t
gold.
Figure 5: Illustrates in cross-section the drill array for target C
that is testing the structural intersection between the Snake Lake
and Eau Claire high-grade structures.
David Rivard, P.Geo, Exploration Manager at Fury, is the Qualified
Person who assumes responsibility for the technical disclosures in
this press release.
About Fury
Fury
Gold Mines Limited is a Canadian-focused exploration and
development company positioned in three prolific mining regions
across the country. Led by a management team and board of directors
with proven success in financing and developing mining assets, Fury
will aggressively grow and advance its multi-million-ounce gold
platform through project development and potential new discoveries.
Fury is committed to upholding the highest industry standards for
corporate governance, environmental stewardship, community
engagement and sustainable mining. For more information on Fury
Gold Mines, visit www.furygoldmines.com.
For further information on Fury Gold Mines Limited, please
contact:
Salisha
Ilyas, Vice President, Investor Relations
Tel:
(778) 729-0600
Email:
info@furygoldmines.com
Website:
www.furygoldmines.com
Forward Looking Information and Additional Cautionary
Language
This
release includes certain statements that may be deemed contains
"forward-looking information" within the meaning of applicable
securities laws. "forward-looking statements". Forward-looking
information is information that includes implied future performance
and/or forecast information. Forward-looking statements information
in this release reflects management's current estimates,
predictions, expectations or beliefs regarding future events.
Specific forward-looking information contained in this release,
includes information relating to: Fury's exploration drill programs
at its Eau Claire deposit, including with respect to the potential
resources in Targets A, B and C; Fury’s growth plans; and the
future and growth and development of Fury’s mineral
properties.
There
can be no assurance that such statements will prove to be accurate,
and actual results and future events could differ materially from
those anticipated in such statements. Forward-looking information
reflects the beliefs, opinions and projections on the date such
statements are made and are based on a number of assumptions and
estimates that, while considered reasonable at the time, are
inherently subject to significant business, economic, competitive,
political and social uncertainties and contingencies. Such
assumptions, which may prove to be incorrect, include: general
economic and industry growth rates; the Company's budget, including
expected costs and the assumptions regarding market conditions; the
Company's ability to raise additional capital to proceed with its
exploration, development and operations plans; the Company's
ability to obtain or renew the licenses and permits necessary for
its current and future operations; and the Company's assumptions
around the impact of the COVID-19 pandemic. Although the Company
believes that the assumptions and expectations reflected in those
forward-looking statements were reasonable at the time such
statements were made, there can be no assurance that such
assumptions and expectations will prove to be correct.
Forward-looking
information involves known and unknown risks, uncertainties and
other factors which may cause actual results, performance or
achievements of the Company to be materially different (either
positively or negatively) from any future results, performance or
achievements expressed or implied by such forward-looking
statements, including risks relating, but not limited, to: the
COVID-19 pandemic; the future price of minerals, including gold and
other metals; and the success of the Company's exploration and
development activities. Readers should refer to the risks discussed
in the Company's Annual Information Form and MD&A for the year
ended December 31, 2019 and subsequent continuous disclosure
filings with the Canadian Securities Administrators available at
www.sedar.com and the Company's registration statement on Form 40-F
filed with the United States Securities and Exchange Commission and
available at www.sec.gov. Readers should not place undue reliance
on forward-looking information, which speak only as of the date
made. The forward-looking information and statements contained in
this press release represent the Company's expectations as of the
date of this press release or the date indicated. The Company
disclaims any intention or obligation or undertaking to update or
revise any forward-looking information or statements whether as a
result of new information, future events or otherwise, except as
required under applicable securities law.
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1 Eau Claire’s underground cut-off grade of
2.5 g/t gold are based on a gold price of US$1,250 per ounce as per
the technical report entitled “Technical Report, Updated
Mineral Resource Estimate and Preliminary Economic Assessment on
the Eau Claire Gold Deposit, Clearwater Property, Quebec,
Canada” dated effective February 4, 2018, prepared by Eugene
Puritch, P.Eng., FEC, CET, Antoine Yassa, P.Geo., Andrew Bradfield,
P.Eng., Allan Armitage, Ph.D., P.Geo., which can be found on
Eastmain Resources Inc.’s profile at www.sedar.com
..
2 See the technical report entitled
“Technical Report, Updated Mineral Resource Estimate and
Preliminary Economic Assessment on the Eau Claire Gold Deposit,
Clearwater Property, Quebec, Canada” dated effective February
4, 2018, prepared by Eugene Puritch, P.Eng., FEC, CET, Antoine
Yassa, P.Geo., Andrew Bradfield, P.Eng., Allan Armitage, Ph.D.,
P.Geo., which can be found on Eastmain Resources Inc.’s
profile at www.sedar.com .
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www.furygoldmines.com
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